| 单词 | European Currency Unit |
| 释义 | European Currency Unit = ECU A currency medium and unit of account created in 1979 to act as the reserve asset and accounting unit of the European Monetary System (EMS). The value of the ECU was calculated as a weighted average of a basket of specified amounts of European Union currencies; its value was reviewed periodically as currencies changed in importance and membership of the EU expanded. Fluctuations in the value of the ECU in terms of the currencies of the member states were controlled by the EMS. The ECU also acted as the unit of account for all EU transactions. ECU reserves were not allocated to individual countries but held in the European Monetary Cooperation Fund. With the introduction of the euro in January 1999 the ECU ceased to exist. The initial value of the euro against other currencies was set at one ECU. |
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